More competitive tax code to give retailers the ability to modernize stores, invest in workforce.
The GOP tax bill successfully passed both the U.S. House and Senate on Wed., Dec. 20, and moves now to President Donald Trump’s desk for his signature.
Republicans and President Trump celebrated Wednesday afternoon with a public ceremony, according to CNN.
The U.S. House on Tuesday, Dec. 19, approved the bill by a vote of 227-203, with 12 Republicans joining all Democrats in opposing the bill. But shortly after the vote was announced it was determined that three provisions in GOP tax bill violated Senate rules, requiring a revote, according to the Associated Press.
In a vote early Wednesday, the Senate approved the final version of the bill, which passed along party lines, 51-48, CNN reported. The bill was then voted on a second time in the House Wednesday and passed with a vote of 224-201.
The passage of the bill was celebrated by The National Retail Federation and The Retail Industry Leaders Association.
“Retailers have long advocated for comprehensive tax reform that eases the tax burden that American consumers and businesses face. Today, with the final passage of comprehensive tax reform and the President’s signature imminent, the goal of a fairer, more globally competitive tax code that provides middle income taxpayers with critical relief will soon be realized. We applaud the President and Congress for their commitment to reforming the tax code and we look forward to working with the Administration on the implementation of these critical reforms,” said The Retail Industry Leaders Association (RILA) President Sandy Kennedy.
“Retailers have traditionally paid one of the highest effective corporate tax rates. A fairer and more competitive tax code will give retailers the ability to modernize stores, invest in their workforce and continue to transform the shopping experience for consumers. The fierce competition of today’s retail environment means the ultimate winner in tax reform will be our customers,” she added.
“Passage of tax reform is a major victory for retailers who currently pay the highest tax rate of any business sector, and for the millions of consumers they serve every single day,” said National Retail Federation president and CEO Matthew Shay following House and Senate passage of the tax reform bill. “ Our priorities were clear: reform must jumpstart the economy, encourage companies to invest here in the United States, increase wages and expand opportunities for employees, and protect our small business community, of which the vast majority are retailers. That’s exactly what this legislation will achieve. Most importantly, this historic tax reform will put more money in the pockets of consumers – the best Christmas gift middle-class Americans could ask for this holiday season.”
NRF has led the retail industry’s fight for tax reform for years, calling on Congress to eliminate tax breaks that benefit only some industries and to use the revenue saved to lower rates for all companies, including small businesses.
